Truist Financial Corp reduced its position in Ares Capital Co. (NASDAQ:ARCC – Get Rating) by 48.1% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 283,459 shares of the investment management company’s stock after selling 262,471 shares during the period. Truist Financial Corp’s holdings in Ares Capital were worth $5,939,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Van ECK Associates Corp grew its stake in shares of Ares Capital by 11.5% during the 4th quarter. Van ECK Associates Corp now owns 4,822,282 shares of the investment management company’s stock valued at $102,184,000 after buying an additional 496,543 shares during the period. Confluence Investment Management LLC grew its stake in shares of Ares Capital by 0.7% during the 1st quarter. Confluence Investment Management LLC now owns 4,344,333 shares of the investment management company’s stock valued at $91,013,000 after buying an additional 30,284 shares during the period. Legal & General Group Plc grew its stake in shares of Ares Capital by 3.1% during the 4th quarter. Legal & General Group Plc now owns 3,142,677 shares of the investment management company’s stock valued at $66,578,000 after buying an additional 94,700 shares during the period. 1832 Asset Management L.P. boosted its position in Ares Capital by 1.9% during the 4th quarter. 1832 Asset Management L.P. now owns 2,723,318 shares of the investment management company’s stock worth $57,706,000 after purchasing an additional 50,984 shares during the period. Finally, Ares Management LLC boosted its position in Ares Capital by 13.9% during the 4th quarter. Ares Management LLC now owns 1,739,759 shares of the investment management company’s stock worth $36,865,000 after purchasing an additional 212,492 shares during the period. 29.44% of the stock is owned by hedge funds and other institutional investors.
Shares of Ares Capital stock opened at $18.96 on Thursday. The firm has a market cap of $9.34 billion, a PE ratio of 6.16 and a beta of 0.99. The firm’s 50-day simple moving average is $18.80 and its 200-day simple moving average is $20.42. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.91 and a current ratio of 1.91. Ares Capital Co. has a 1 year low of $17.03 and a 1 year high of $23.00.
Ares Capital (NASDAQ:ARCC – Get Rating) last posted its earnings results on Tuesday, April 26th. The investment management company reported $0.41 EPS for the quarter, missing the consensus estimate of $0.47 by ($0.06). Ares Capital had a return on equity of 10.23% and a net margin of 75.13%. The firm had revenue of $440.00 million during the quarter, compared to the consensus estimate of $486.12 million. During the same quarter last year, the company posted $0.43 EPS. Ares Capital’s revenue for the quarter was up 12.8% on a year-over-year basis. On average, equities analysts predict that Ares Capital Co. will post 1.77 earnings per share for the current year.
A number of analysts recently weighed in on the stock. Wells Fargo & Company upped their price target on shares of Ares Capital from $22.50 to $23.00 and gave the stock an “overweight” rating in a research report on Monday, April 25th. TheStreet lowered shares of Ares Capital from a “b-” rating to a “c+” rating in a report on Monday, May 23rd. JPMorgan Chase & Co. upgraded shares of Ares Capital from a “neutral” rating to an “overweight” rating and set a $22.00 price objective on the stock in a report on Wednesday, April 27th. Hovde Group cut their price objective on shares of Ares Capital to $19.00 in a report on Friday, May 20th. Finally, StockNews.com lowered shares of Ares Capital from a “hold” rating to a “sell” rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.00.
In other news, EVP Michael J. Arougheti bought 300,000 shares of the firm’s stock in a transaction on Tuesday, June 14th. The stock was purchased at an average price of $17.75 per share, for a total transaction of $5,325,000.00. Following the transaction, the executive vice president now owns 1,782,709 shares in the company, valued at $31,643,084.75. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael Lewis Smith acquired 54,000 shares of the firm’s stock in a transaction dated Thursday, May 19th. The stock was bought at an average price of $18.64 per share, with a total value of $1,006,560.00. Following the completion of the acquisition, the insider now directly owns 89,000 shares of the company’s stock, valued at $1,658,960. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 356,775 shares of company stock valued at $6,381,371. 0.59% of the stock is owned by insiders.
About Ares Capital (Get Rating)
Ares Capital Corporation is a business development company specializing in acquisition, recapitalization, mezzanine debt, restructurings, rescue financing, and leveraged buyout transactions of middle market companies. It also makes growth capital and general refinancing. It prefers to make investments in companies engaged in the basic and growth manufacturing, business services, consumer products, health care products and services, and information technology service sectors.
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